The event, conceived and organised by event agency Beatwax, already has sponsorship and the backing of many alternative sports' governing bodies.
Much like the Edinburgh Fringe festival, now a huge event grown independently of the Edinburgh Festival itself, the plan is to make the Olympic version an event in its own right.
Although necessarily positioned immediately after the Olympics, organisers are keen to stress that the event is not linked to the 2012 Games itself, and the name of the event is yet to be decided. Olympic branding regulation states that it will not be allowed to be called the 'Olympic Fringe', for example.
With the Olympics set to consume most of central and east London, the off-beat tournament will take place in west London, with venues and further sponsorship currently being sought.
"I have buy-in from a lot of the sports we want to showcase," said Beatwax managing director Michael Brown. "Many have international organisations."
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